A deed of gift template is a legal document that indicates the voluntary transfer of property from one party (the donor) to another (the donee). The donor transfers the legal ownership of the property to the donee as a gift with the help of this document. In simple words, we can say that the donor gifts the property to the donee and the donee becomes the owner of that property.
Moreover, when a deed of gift is delivered to the donee it can’t be changed or reversed except;
- the donor does not have the legal ability to give the gift
- the gift was given under duress
- misrepresentation or mistake surrounding the circumstances
- with an intention to evade tax, the gift was transferred
A deed of gift outlines the;
- Name of Representative and donor
- What is relation to the door
- Donor Address
- Cell or telephone no
- Description of donated gifts
- Donor Restrictions with no or yes option
- Donor’s property Sources with date
What is the difference between a Will and a deed of gift:
- During the lifetime of the donor, the deed of gift comes into effect as soon as the deed is provided to the donee. On the other hand, a Will only takes effect after the death of the testator.
- Unlike the Will, by way of law suit, the deed of gift is less likely to be challenged. This is because, during the lifetime of the donor, the donee has already supposed physical control of the gift.
- A deed of gift is a registrable instrument as it indicates delivering a property to the donee. While a Will is not a registrable instrument.
How to use a deed of gift?
A deed of gift is used by the individual who wants to give a gift to another during his/her lifetime. This document saves cost and time of applying for probate. Once the document is created, both the donor and the donee should sign this document. However, if the donee is a minor then on the behalf of the minor the legal guardian of the minor should sign the document.
If one of the parties is a company then two directors or one director and one company secretary should sign the document. If either of the parties is any other organization other than a company, an authorized representative like general manager, managing partner, etc can sign the document.
Method for creating deed of gift:
Here are some tips for you to follow while creating a deed of gift;
- On a legal document, write the deed as a title.
- Then, write precisely the basic statement regarding the transfer of material to reporters.
- For the donor name and his contact information, create a space in the document.
- Availability of deed of gift in different sources.
In conclusion, a deed of gift template is a legal document that includes the wish to give a gift puts in effect between the donor and the donee. An accurate documentary record is composed by this document. Most importantly, the acceptance of the gift must be recorded in the gift deed by the donee’s signature.